State-run Philippine Amusement and Gaming Corp (Pagcor), the country’s gaming regulator, says it has “received formal recognition” from the nation’s Governance Commission for Government-Owned or -Controlled Corporations (GOCCs) for achieving a score of 99.46 percent in the 2022 round of an annual performance-evaluation system, known as ‘PES’.
The PES sets the process of appraising the accomplishments of GOCCs in a given fiscal year based on set performance criteria, targets, and weightings, according to publicly-available information.
Pagcor’s score this year was “one of the highest in the history of” the organisation, it stated in a Monday press release, adding that such a score “was achieved on the first year under the leadership” of chairman and chief executive Alejandro Tengco. Mr Tengco was appointed in August 2022 by the country’s leader, President Ferdinand Marcos Jr.
Pagcor’s score in the 2021 evaluation was 98.08 percent, while it had been 91.38 percent the year before.
The award for 2022 was received by Pagcor president and chief operating officer Juanito Sañosa (pictured with the award) during the inaugural “GOCC Governance Awards Ceremony” on November 20.
“This is truly another proud moment for Pagcor. While this award serves as a validation of our efforts and hard work, it also inspires us to continuously exceed our past accomplishments – all in the service of our country,” Mr Sañosa was quoted as saying in the announcement.
Pagcor said the award recognised the agency’s “unwavering dedication to the highest standards of accountability and efficiency” among GOCCs.
According to the release, Pagcor “garnered perfect scores” in a number of categories, including in relation to “increased contribution to national government coffers and nation-building efforts”.
In a keynote speech during the awards ceremony, the Philippines executive secretary Lucas Bersamin said GOCCs were “significant tools in adjuring inclusive economic growth and development” for the Philippines in 2022.
“The Bureau of Treasury recorded PHP48.68 billion [US$877.0 million] in dividends coming from different GOCCs,” he added.
Cash remittances from Pagcor to the National Treasury for dividend year 2022 reached PHP6.95 billion, after the agency turned over an additional PHP5 billion earlier this month. The state gaming regulator’s latest contribution represented its additional and advanced dividends from retained earnings as of end of 2022.
State-run Pagcor has said it expects its net operating income to reach PHP61.5 billion next year.